The Register of Overseas Entities (Verification and Provision of Information) (Amendment) Regulations 2022

2.—(1) The Register of Overseas Entities (Verification and Provision of Information) Regulations 2022(1) are amended as follows.

(2) For regulation 5(1) substitute—

“5.— (1) “Relevant information” is information described in any of paragraphs (2), (3), (4), (5), (6) or (7) unless the information—

(a) is the required information in sub-paragraphs 4(a) to (e) of Schedule 1 to the ECTEA;

(b) relates to the beneficiaries of a pension scheme trust as defined by paragraph 3 of Schedule 3A (Excluded Trusts) to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017(2);

(c) in sub-paragraphs (3) and (4) has been previously verified and submitted to the registrar under Part 1 of the ECTEA in relation to the same overseas entity”.”

(3) In regulation 6(6)(b), at the beginning, insert “subject to sub-paragraph (ba),”.

(4) In regulation 6(6), after sub-paragraph (b) insert—

“(ba) a relevant person may verify the following on the basis of documents or information in either case obtained from a reliable source which is not independent of the person whose identity is being verified—

(i) which of the conditions in paragraph 6 of Schedule 2 to the ECTEA is met in relation to a registrable beneficial owner;

(ii) the required information in paragraphs 3(1)(d) and 5(1)(f) of Schedule 1 to the ECTEA;”.

(5) In regulation 7(4)(a) omit “or any other close business relations” and insert after (a)—

“(aa) an individual who is an officer of a legal entity or legal arrangement of which the person whose identity is being verified is also an officer or who is engaged in a joint venture with that person;”

(6) In regulation 8(1), for “provided to a relevant person by or on behalf of an overseas entity” substitute “obtained or received by a relevant person”.

(1)

S.I. 2022/725.

(2)

S.I. 2017/692, inserted by S.I. 2020/991.